Conventional loans are loans that are underwritten to meet the guidelines issued by Fannie Mae and Freddie Mac. Conventional loan programs are the most traditional and common loans used in the marketplace today. Conventional loan programs include fixed rate loans and adjustable rate mortgage (ARM) loan products.
Until recently conventional loan programs were limited to a total loan amount of $417,000. The Housing and Economic Recovery Act of 2008 changed Fannie Mae’s charter to expand the definition of a “conforming” loan. Two sets of limits are provided for first mortgages — general conforming loan limits, and high-cost area conforming loan limits. It is important to note that the high-cost area conforming loan limits vary according to county, but the highest high-cost area conforming loan limit is currently $625,500.
McCormick Mortgage offers the following products:
- Fixed Rate Mortgages (available in terms ranging from 10 years to 30 years)
- Adjustable Rate Mortgages
- Rate & Term Refinances
- Cash-out Refinances
- Fannie Mae DU Refi Plus®
- Freddie Mac Refinance Relief Open Access®